Les Moonves Says Media Selloff Was Overreaction

CBS CEO Les Moonves speaks with WSJ's Editor in Chief Gerard Baker at the WSJDLive 2015 conference in Laguna Beach, Calif. about the selloff of media stocks earlier this year.

This transcript has been automatically generated and may not be 100% accurate.

... the midst of a fund may we the the the the the media landscape ... but the oldest ... we had a ... pretty dramatic week ... in the stock market ... it's easy for me to storks the people referred to his media getting ... a couple of bad results ... still ... media stocks were down across the board ... really quite dramatically ... all of the is that these ... these concern the people had for a long time ... that the ad faults of digital technology of cold causing a disruption ... was finally coming home was finally casings owing to review stocks saw indicates ... the prospects of media company's ... presence in some of the immediate fear ... and panic is costs but ... you'll still be still down around thirty percent I think from from a period in the end of the oldest ... I did get them on every act all we actually seeing the beginning the real beginnings of core causing now I know I I I think the market drastically overreacted to ... you know obviously that statement but Bob Iger about losing subs on the SB and ... I think every major come to come ... some have ... done what we ... know the words ... it is the universe of other needy channels ... that we're all part of it when getting paid more and more and the trends reverse calm ... in addition as we hear more and more about the senior bundles of the ... smaller packaging of fifteen ... channels or twelve channels ... we're part of that universe and we have CBS all access so ... the Ally Corps way of doing business where available there to be streamed ... I think it was an overreaction and appetizing marketplace ... the upfront slid down a bit mostly volume knob and CPM ... and oh my God this guy is full of all that money from broadcasting going to digital ... well that was the second quarter the third quarter guess what ... advertising is way back up ... bitterness collects we said to be very careful about what you think you but but the marketplace is extremely strong in advertising was seeing scatter ... moving the right way and ... the more it basically is saying to the big media companies oh my God everything's going digital ... guess what every major media company is in digital ... their part that they're offering the content there ... so as the that the tide is shifting or perhaps shifting ... that way we don't know how quickly it's coming ... they're still want your content there just watching it in different places so um once again ... the market is beginning to ... improve get better ... realize